How to save money? What is the ideal equation?

How to save money?

What is the ideal equation?

So what is the ideal equation to stick to when your trying to save money but at the same time still have a life!

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This question has so many moving parts to it. So before i can offer some advice on this, we first need to answer is bit by bit. We need to establish what your threshold is to saving and spending.

Are you the sort of person that lives for the day? Or are you a person that believes in the a comfortable future hence starts to put things away. We all need to plan carefully for our future, that can be financially or even planning our own career paths. Regardless of what it is there has to be a certain amount of planning.

So if you we were to plan our financial health for the future we need start to analyse what we are doing in the present and what is important to us. Start to look at your spending habits and see if you want and can cut something out.  For instance do you need all of life luxuries?

Could you cut the following:-

  • Taking cabs everywhere you go. Instead plan your route before cost effectively.
  • Eating lunch out everyday at work. Cook lunch at home the night before.
  • Could you walk to work instead of taking public transport. Exercise is great and free!
  • Do you have to go out every night of the week to socialise? Stay in, start a hobby.

The other biggest expense is rent. You could either do a flat share with friends or colleagues or you could move slightly further out from work and get a place which costs a little less.

There are so many different ways that you can save money and start to plan for the future with a little nest egg. But you need to be disciplined in doing this. When you have your nest egg it can be so tempting to dip in for one of life’s luxuries such as a new pair of jeans or even spending it on a meal for a night out. But rest assured that little hit of pleasures can have major effects on your planning for the future.

One of the biggest and best kept secrets is the notion of compounding your savings. Your savings will grow organically from the interest you earn on your chosen investment, but by adding to it year on year it can grow substantially.

So what is the ideal equation? Its the power of 3. To be more precise the power of 1/3.

1/3 savings – 1/3 – rent and expenditure – 1/3 – food, entertaining, clothing.

Stick to the above and you will really will start to enjoy your life, knowing you have saved and planned for the future and you will begin to enjoy the finer things in life.

As they say the best things in life are free!.

Living with flatmates or should I live alone?

Should i live with flatmates or should i live alone??

This certainly is a question that i get from a lot of young professionals who are about to start their working life and have just got out of student life. But what is the right way to go to make sure that your on the right footing for your next step in life?

Should I live with flatmates or alone

Firstly you need to do a gut check and see what is going to suit you best. Below are a few points you need to take into consideration before you decide what to do.

  • Do you have a enough money after paying your bills to actually enjoy life? I mean there is no point living alone if you don’t have money to actually enjoy you down time.
  • Are you in a committed relationship? Are you able to share the burden of your rent or mortgage? If you can this is going to allow to live in a more pleasant place that is actually closer to where you work hence cutting down on commuting time.
  • How important is having ‘me’ time? Having me time is when your able to unplug and just relax. You want to be able to do as you please and when you please in your own home. If thats the case then living alone is the best thing to do. You don’t want to have your flatmates annoying you when your tied and just want to relax. FYI.. i am that sort of person. So be honest with yourself.
  • Are you a very social person? If that the case then living with people is great, you can really create a good bond with friends and share the normal tasks of cooking, socialising and being a little friendly family unit which can bring a untold amount of fun and companionship.
  • How close do you want to be to work? This is such a important question to be asked and answered. You need to know your threshold of travel. Mine is very low and i chose to live closer to work so i am more productive. I hate the long haul travel it gets me agitated and when i would get to work it would take time for me to get in to my work. You need to able to be fresh when you arrive and face the daily challenges of work. You want to be able to execute your daily tasks in a fresh and productive manner. So if you want to live close to work then you may need to offset the cost by sharing a flat or house with other young minded professionals.

These are just a few questions that need to be asked before you make that final decision before you chose your next living arrangements.

There is no point on spending you all monthly salary on rent and have nothing left over at the end of the month to enjoy yourself. I mean if your living in a capital city there is always going to be events, bars, restaurants that your going want to visit just as your friends will.

There maybe a time when you want to book a limo or a stretch hummer to arrive at your destination in style. To do that your going to have to have some disposal income. So choose wisely where and how you want to live and where its going to be.

That was my little insight of how to take those next important steps in your new working life.. :)

 

 

Should I Travel Before I Start My Career?

Should I Travel Before I Start My Career?

This is a age old question that has been asked by young people from all over the world. In this day and age where young people are pressured or they experience peer pressure and it sometimes is difficult to make the right decision.

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Sometimes you find your friends are eager to experiment and that you want to be a part of the in crowd, but is not a case of being pressured into doing something you don’t want but it’s up to you to experience it when you’re ready.

Travelling before you start your career can be a great experience but also a pressure, but to be fair it’s something you should only ever do when you are totally and truly comfortable and know that it won’t hurt your future career development.

There is a magical aura that is attached to  the notion of travelling around the world before you dive deep into your career period

With that said, some young ladies, guys and couples are ready for that, as they are a team and they believe it is the right thing to do. If your in that boat then i am the first person to say;-

“GO FOR IT!”

But understand travelling can stop you from progressing up the career ladder. There are some many people today that have their degrees or have their apprenticeships done and now are ready for the right job that is going to propel them to job that holds amazing job satisfaction and prospects.

The experience of travel around the world is certainly something that would open your eyes to the different cultures and the beautiful sights that the world has to offer. But is this right time to go?

Ever thought about waiting and seeing how life pans out for you?

In my view and i only express my opinion and never give it out as a instruction.  Is that travelling can be a great experience but wouldn’t you like to be settled in life before you take that huge step. Don’t you want to build some foundations and then when your career is solid, your bank balance is correctly balanced, isn’t that the right time to let your hair down and enjoyed the worldly treasures.

I mean, don’t you want to graduate and be that prom king or queen? Don’t you want to reward yourself for your hard work by getting dressed up in a dress or tux and then book that ideal limo hire service and get ferried to that prom night? Its time to reward yourself but its also a time to set your ready to face the big world!

The lure of Thailand beaches or the night life of London can be a huge draw and that is something that i think everyone should experience but i wouldn’t want to give up 6 months to a year as these years are so important after you leave your higher education. This is when you are ready to face the real world as you stand on your own two feet.

So in leaving this post open and with a few words of wisdom, i would say:-

Start your career, get it on a high and then when your settled and relaxed, pack that ruck sack and begin to see the world!

Until next time!.. :)

All your worries can be resolved!

Hi there reader. Welcome to my blog where i discuss issues that face all sorts of people from all walks of life. I am not saying i know thats best, its just snippets of my wisdom that i share. But please don’t take my word for it. Just understand they are my thoughts, and thats all they are.. :) Happy reading!